MIPS Technologies Files Extension of Time To File Form 10-K with the Securities and Exchange Commission

MOUNTAIN VIEW, Calif., September 14, 2006 - MIPS Technologies, Inc. (NASDAQ: MIPS), today announced that the Company has filed for an extension of time to file its Annual Report on Form 10-K with the Securities and Exchange Commission for the year ended June 30, 2006. On August 30, 2006, MIPS Technologies announced that following a company-initiated voluntary review of historical stock-based compensation practices and related potential accounting impact, its board of directors had formed a special committee, consisting of independent directors, to review the Company's historical option grant practices and the accounting for its option grants. The committee has retained independent outside legal counsel to assist in its review. The Company has determined that it will not be able to file the Form 10-K until the review is completed. MIPS Technologies intends to file the Form 10-K as soon as practicable after the review is completed, but does not currently expect the Form 10-K will be filed by September 28, 2006-the extended deadline for the Form 10-K.

About MIPS Technologies
MIPS Technologies, Inc. is a leading provider of industry standard processor architectures and cores for digital consumer and business applications. The company drives the broadest architectural alliance that is delivering 32- and 64-bit embedded RISC solutions. The company licenses its intellectual property to semiconductor companies, ASIC developers, and system OEMs. MIPS Technologies and its licensees offer the widest range of robust, scalable processors in standard, custom, semi-custom and application-specific products. The company is based in Mountain View, California and can be reached at (650) 567-5000 or www.mips.com.